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TSX-V: GOM
FRANKFURT: 3G1
VANCOUVER, March 4 /CNW/ - Golden Dawn Minerals Inc., (TSX-V: GOM) (the
"Company") announced today that in its pursuit of gold exploration, the
Company has been assigned an option to earn a 100% interest in three
properties, commonly referred to as the Central Catharine property, the
Link-Catherine property and the 80 Foot Fall property, all of which are
located in the Boston-Skead gold belt of northeastern Ontario, Canada. Gold
mineralization in this belt occurs with quartz, quartz-sulphide veins and
veinlets in Archean volcanic rocks that have been intruded by a granitic
batholith. This crescent-shaped gold belt is 25 km south of the Kirkland Lake
gold belt that has produced 24 million ounces of gold in the past century of
mining.
Pursuant to three assignment agreements, the Company will issue an
aggregate of 1,300,000 shares and pay an aggregate of $80,000 cash to the
assignor. Pursuant to the underlying Central Catharine property option
agreement, the Company is required to issue 150,000 shares and pay $60,000 in
cash to the owner by January 18, 2011 in order to acquire the Central
Catharine property. Pursuant to the underlying Link-Catharine property option
agreement, the Company is required to issue to the owner 150,000 shares, pay
to the owner $60,000 cash, and expend $250,000 in exploration expenditures on
the property by Dec. 17, 2011 in order to acquire the Link-Catharine property.
Pursuant to the underlying 80 Foot Fall property option agreement, the Company
is required to issue 150,000 shares and pay $60,000 cash to the owner by
January 18th, 2011 in order to acquire the 80 Foot Fall property. All
agreements and underlying share issuances are subject to regulatory approval.
These three properties host gold showings and mineralized zones that have
previously undergone various levels of exploration. Each property warrants
additional work to determine if economic deposits can be defined.
The Link-Catharine property, in Catharine Township, is comprised of five
claims which host several gold-bearing showings. Drilling of ten diamond drill
holes during the period 1999-2003 intersected numerous 1.0 to 4.0 cm wide
quartz veins and thin veinlets with associated pyrite and iron carbonate/green
fuchsitic alteration zones. The best intersections were 6.00 g/t gold over
8.6 m. and 1.91g/t gold over 20.4 m. Other intersections averaged 0.91 to
2.34 g/t gold over widths ranging from 1.5 to 15.6 metres. These results, from
the three diamond drilling programs, are referenced in assessment reports,
complete with drill logs and assay certificates, compiled by T.A. Link, 1999,
2000 and 2003.
David Dobson, President, reports that Golden Dawn will commence with an
exploration program on the Link-Catharine property as soon as the weather
condition improves. This program will include line cutting to establish a grid
to facilitate geological mapping, prospecting, soil geochemical survey and
geophysical surveys consisting of magnetometer, VLF-EM and followed up with an
IP survey with the objective of defining diamond drilling targets.
The Central Catharine property, located 750 m northeast of the
Link-Catharine property in Catharine Township consists of eight claims
covering prospective geology for gold mineralization along a
southeast-trending belt. Geological mapping, prospecting and geophysical
surveys have been conducted in the past, but no drilling is reported in
assessment work files. Three historic vein systems occur in an area 1.6 to 3.0
km north and northwest of the Central Catharine property. These are:
1.) Gold Hill vein which was developed down to 365 m depth and 275 m
along strike; a 100 ton per day mill operated for a short period
during 1927-1928,
2.) Kennedy-Boston vein with occasional finely disseminated gold was very
narrow, but it was explored underground to a depth of 45 m and
along strike for 365 m ;there is no record of production, and
3.) Hilltop showing consisted of a series of narrow lenticular quartz
veins with very fine visible gold grains; it was explored
underground to a depth of 207 m and along strike for one
kilometer.
The 80 Foot Fall Property in Marter and Chamberlain Townships is
800 metres south of the Link-Catharine property. It consists of seven claims
covering an area of surface trenches, an old timbered shaft and three drill
hole sites. Two of the three old drill holes were designed to re-establish the
location and possible extensions of old showings. A quartz vein zone and
massive pyrite bands were intersected in old holes, but gold values are
reported as being low.
A preliminary program of reconnaissance geological mapping, sampling and
prospecting is being planned on the Central Catharine and the 80 Foot Fall
properties with the main objectives of compiling a geological map and
determining if specific targets can be identified for follow-up programs.
Programs of systematic exploration applying up-to-date exploration
techniques have been recommended by the Company's technical advisors to
determine if targets for potentially large deposits can be identified. This
exploration can be very cost-effective due to easy access and good support
services available within this mining region.
Ed Kimura, P. Geo., the Qualified Person as defined in National
Instrument 43-101, has read and reviewed this press release for Golden Dawn
Minerals Inc.
On Behalf of the Board of Directors,
"David Dobson"
President/CEO
Golden Dawn Minerals Inc.
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE NEITHER
APPROVES NOR DISAPPROVES OF THIS PRESS RELEASE.
THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE
KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE
COMPANY'S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS,
PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS.
WE SEEK SAFE HARBOR.